01 July 2010
Dear All, company wants to extends its FY upto 18 months but first AGM cannot be extend. how to comply section 166 & 210 under companies act,1956
01 July 2010
Good. Here comes the Doctrine of Harmonization of Statutes.
Section 166 Says a company may hold its 1st AGM within a period of not more than eighteen months from the date of its incorporation; and if such general meeting is held within that period, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation or in the following year;
Provided further that the Registrar may, for any special reason, extend the time within which any annual general meeting (not being the first annual general meeting) shall be held, by a period not exceeding three months.]
Section 210 Says in the case of the 1st AGM of the company, the P/L Accounts shall relate to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months
So by reading Combindly these two sections here comes a conclusion that Section 166 allows 18 months but for Accounts it can be Maximum 9 months from the date of Incorporation.
You do one thing Conven 1st AGM within 9 months and then for 2nd AGM you move for an application for extension of AGM upto 15 months from the day of last AGM, that way you can extend.
CAclubindia
